The lowered prices caused by an excess of housing on the market (due in part to foreclosures) makes this a good time to buy a house – according to 65% of Americans. That’s more than three times as many as the 21% in the latest Economist/YouGov Poll who say this is a bad time to buy a house.
However, just 2% of Americans expect they will buy a house in the next year, although another 11% say they are considering making a home purchase in the next year.
Why is it a good time to buy? Most Americans believe that lowered interest rates and home prices have made it a good time to buy. More than half cite the overall trends in housing prices. Fewer Americans credit the foreclosure crisis specifically, though 41% say it has helped. The public sees factors like lowered job security and the economy in general as having a negative impact on whether this is a good time to buy.
Do the following factors make now a better or worse time to buy a home?
| Better | Worse | Not Sure | |
|---|---|---|---|
Job security | 19% | 69% | 13% |
Mortgage interest rates | 67% | 17% | 16% |
Home prices | 70% | 17% | 11% |
The foreclosure crisis | 41% | 41% | 17% |
The state of the economy now and in the near future | 30% | 57% | 14% |
Trends in home prices now and in the near future | 57% | 25% | 18% |
The economy, of course, remains the most important concern of Americans. And nearly twice as many Americans believe it is still getting worse as say it is getting better. Less than one in five see the economy as improving.
